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TCS surges 6% as board approves share buyback proposal
Tata Consultancy Services (TCS) has moved higher by 6% to Rs 2,555 on the National Stock Exchange (NSE) in late noon deals, after the company’s board has approved a proposal to buyback up to 56.14 million equity shares at Rs 2,850 per share through tender offer.
“The board has approved a proposal to buy back up to 56.14 million equity shares of the company for an aggregate amount not exceeding Rs 16,000 crore, being 2.85% of the total paid up equity share capital, at Rs 2,850 per equity share," TCS said in a stock exchanges filing.
The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism, it added.
At 03:25 pm; the stock was up 5% at Rs 2,538 on the NSE. A combined 1.92 million shares changed hands on the counter on the NSE and BSE so far.
Marksans Pharma soars as UK MHRA finds no critical observations at Goa unit
Marksan Pharma surged 20% to Rs 49 on the BSE in intra-day trade after the company said UK health regulator has completed the inspection of Goa unit without any critical observations.
The Company's plant located at L-82 & L-83, Verna Industrial Estate, Verna, Goa - 403 722 has had an inspection by UK Medicines and Healthcare products Regulatory Agency (MHRA) from February 14, 2017 to February 17, 2017," Marksans Pharma said in a exchanges filing.
The same has been completed without any critical observations, it added.
The company said it is awaiting further instructions from the agency in this regard.
At 12:43 pm; the stock was up 19.5% at Rs 48.50 on back of over 10-fold jump in trading volumes. A combined 37.42 million shares representing 9% of total equity of Marksans Pharma changed hands on the counter on the BSE and NSE.
Steel stocks gain; Jindal Steel & Power hits 52-week high
Shares of steel companies are trading higher by up to 10% on the BSE in intra-day trade on Monday on hopes of higher production in financial year 2017-18, backed by an expected revival in consumption.
Jindal Steel & Power (JSPL), Tata Steel, Jindal Saw, Bhushan Steel, Maharashtra Seamless, Uttam Galva, Prakash Industries and Steel Authority of India (SAIL) were up 2% to 10% on the BSE.
JSPL hit a 52-week high of Rs 102, up 10% in intra-day trade on back of nearly two-fold jump in trading volumes. A combined 35.28 million shares have changed hands on the BSE and NSE till 11:40 am.
In the December 2016 quarter, the industry reported a significant improvement on the sales and profits front on account of improved prices and production. On a year-on-year basis, industry’s sales increased by 36% and it reported notable reduction in net losses during the quarter ended December 2016. The industry’s results are based on the financial results of 56 listed steel companies.
Telecom shares in focus; Bharti, Idea up 2%
Shares of telecom service providers were in focus with all frontline stocks like Bharti Airtel, Idea Cellular, Reliance Communications (RCom), MTNL and Tata Teleservices (Maharashtra) up between 2% and 8% on the BSE.
At 10:40 am; the S&P BSE Telecom index, the largest gainer among sectoral indices, was up 1.85% as compared to 0.15% rise in the benchmark S&P BSE Sensex.
Idea Cellular was up 3% at Rs 109, after hitting high of Rs 112, up 6% in intra-day trade on the BSE. Bharti Airtel was up 2% at Rs 378, hitting seven-month high of Rs 379 in early morning trade on the BSE.
The stock was close to its 52-week high of Rs 385 touched on April 28, 2016. In past one-month, it outperformed the market by gaining 18% as compared to 5% rise in the benchmark index.